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In brief

14.12.2018

ICEYE Receives 10M€ Capital Loan from Business Finland To Initiate Internet of Locations

ICEYE, an Earth observation company creating the world’s largest Synthetic-aperture radar (SAR) satellite constellation, has announced that it has received a 10M€ a capital loan from Business Finland that is meant for the orchestration of Growth Engines. Business Finland is the most important public funding agency for research funding in Finland, and it is directed by the Ministry of Economic Affairs and Employment. The received funding is used for SAR satellite manufacturing during 2019 and for establishing the Internet of Locations ecosystem originating from Finland.

ICEYE successfully launched its second SAR satellite, ICEYE-X2, on 3rd of December. The satellite launch is an initial step of creating the necessary SAR satellite constellation of ICEYE for frequent and reliable satellite-based information about any location on Earth. ICEYE is establishing the Internet of Locations to support vast economic growth in Finland in the various parts of generating, analyzing, and consuming satellite data for operational uses.

Providing the capability to get accurate, objective and reliable information in real time from anywhere in the world is a transformative proposition for practically every industry and government. Information that has been gained from satellite imaging can be used to help solve problems such as global illegal fishing, illegal logging, and for commercial uses such as for flood insurance related services.

”From the perspective of Finland, ICEYE is in a unique position as a provider of satellite imagery. With the help of funding from Business Finland, ICEYE is working to create opportunities for other organisations as well in generating new industry applications from location-based information. With this ecosystem that is built around data, there’s significant potential for creating new talent and business opportunities,” says Jussi Sainiemi, Investment Director, Tesi. Tesi is one of ICEYE’s investors.

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total 1 billion euros and we have altogether 723 companies in portfolio.